The absence of “concrete actions” from the Bitcoin Strategic Reserve has options traders dialing back their near-term bullish outlook, according to a crypto analyst.
A crypto analyst says the Trump administration’s executive order to evaluate a digital asset stockpile, rather than a Bitcoin-specific Strategic Reserve, has dampened short-term bullish expectations for Bitcoin.
“The market sees limited upside for the asset in the short term, likely due to the absence of a specific BTC reserve announcement,” onchain options protocol Derive founder Nick Forster said in a Jan. 25 analyst note viewed by Cointelegraph.
Forster cited Derive platform’s “staggering” 83.3% of Bitcoin options contracts on Jan. 24 being “calls sold” — which is when traders sell call options expecting Bitcoin’s (BTC) price to stay the same or decline.
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